The Success of Minority Owned Businesses

Posted By Jay Kaufman || 10-Apr-2012

For Clients, Advisors and Community

A recent Wall Street Journal article states that women owned businesses struggle when revenues get to the level of $250,000-$499,999. It also cites a 2011 study conclusing that the proportion of woman owned businesses with revenues of $1 million and more is about the same as it was in 1998. I wonder why this is the case. If you would like to see the article, please send an email to jay@kaufmanlawgroup.com

It is often (but not always) true that our firm’s clients represent a fair picture of what’s going on in the business world. We are honored to represent woman owned businesses, minority owned businesses and disabled veteran owned businesses. Even in this difficult business environment, all of them are thriving. Many have done well particularly because of the benefits available to minority owned businesses combined with the expertise and enterpreneurship of the owners. From my perspective, almost all of them are among my favorite clients.

By and large, the law has given minorities in this country unprecedented opportunities. From the perspective of my world, I’ve seen many successes. On that basis, I think the program may be underutilized. Do you know anyone who is a woman, Hispanic, African-American, other minority ethnic or a disabled veteran? A business opportunity awaits.

The laws of our country provide special opportunities for women owned businesses and “set aside” programs (particularly in the construction industry) for disabled veteran and disadvantaged business enterprises (DBE). For the DBE program, an individual “graduates” (and can no longer participate in the program) when he or she attains a net worth of $1.32 million (exclusive of the net equity value in his or her home and the value of his or her business). Hence, an individual could have a net worth up $4 million and still be disadvantaged. From a policy perspective, does this make sense? I’d be interested in my readers’ thoughts on this topic. Please send me a comment via this blog.

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